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Dear Hoosiers: Thank you for reading the Indiana Secretary ofState’s e-magazine. The purpose of this publicationis to provide Hoosiers with timely tips and informationon smart money management and investment fraudprevention. As the proud mother of two grown children, I can attest that raisinga family is one of the most rewarding yet expensive endeavors Ihave ever undertaken. In fact, the cost of raising the averageAmerican child is nearly a quarter of a million dollars. This figureincreases drastically if your child pursues a college education. Inthis edition of our e-magazine, we have compiled tips from localexperts and parents on how to tackle these expenses, both plannedand unplanned, and come out on top. Whether you are thinking of having your first child, are a newparent, or you’re getting ready to send your son or daughter off tocollege in the fall, this edition of our e-magazine contains helpfultips on remaining financially stable throughout it all! Sincerely, Connie LawsonIndiana Secretary of State MISSION STATEMENTIt is the mission of the office of Secretary of State Connie Lawson to deliver to the people ofIndiana government-as-a-service that focuses on unqualified integrity and accuracy in ourelections, consistent and principled regulatory methods, ceaseless protection of Hoosierinvestors, and the most efficient use of taxpayer resources.
There are four main divisions that comprise the Secretary of State'soffice:
Business Services ElectionsSecurities Auto Dealer Services
The Office of Secretary of State is one of five constitutional officersoriginally designated in Indiana's State Constitution of 1816. Sixty-one Hoosiers have served as the third highest-ranking official instate government.
Duties of the office include registering new businesses, regulationof the securities industry, oversight of state elections,commissioning of notaries public, registration of trademarks andlicensing of vehicle dealerships throughout Indiana.
What services make up the Secretary of State's office?
Secretary Lawson with UIndy student volunteers at Straight Answer Saturday.University of Indianapolis - February 10, 2018
Wondering how to save for college?
With Indiana's own CollegeChoice 529 Direct Savings Plan you can enroll in about 10 minutes, manage your account online, and get tax advantages. And best of all, it's affordable (open an account with only $10).
CollegeChoice 529 offers you:
• Tax benefits to help your money go further
• Professionally managed investments
• Easy online enrollment and management
• Automatic payroll deduction*
• Programs to help you save even faster:Ugift® and Upromise®
Focus on their future with CollegeChoice 529
For information and to enroll, go to indianas529.com or call 1.866.485.9383.
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529 Plans Can Help Face College Savings Fears By Troy Montigney Executive Director, Indiana Education Savings Authority
Being a parent is one of life's greatest joys, but it's also a game-changer financially. The minute a child is born, expenses both planned and unplanned start to pile up, with one of the biggest looming 18 years down the road: higher education.
With a price tag that's constantly rising, it's easy to get sticker shock when it comes to planning to pay for college. But two things ring true in nearly every situation - it's never too early or too late to start, and a dollar saved now is better than one borrowed later.
That's where a tax-advantaged 529 Plan comes in. Named for Section 529 of the federal tax code, 529 Plans are to post-high school education as 401 (k)s and similar options are to retirement.
Earnings on 529 investments are tax-deferred, and become tax-free when used to pay for qualified higher education expenses.
Many states also offer up-front tax incentives for 529 contributions, with Indiana's 20% credit worth up to $1,000 per taxpayer each year amongst the most generous. Even better, the credit is available to account owners and thirdparty gift contributors, meaning parents, grandparents and others can all pitch in and reap some of the benefits.
529s are also incredibly flexible. Qualified expenses include tuition, room and board, books, fees or computers at any school that's eligible to receive federal financial aid. Whether your child wants to become a doctor or a skilled tradesperson, 529 savings can be used to help them pursue their goals.
Perhaps most importantly, 529 Plans are affordable and easy to use, with a variety of investment options and strategies to meet savers' needs.
Here in Indiana, the CollegeChoice 529 program consists of three different Plans:
• CollegeChoice Direct:The Direct Plan features quick online account setupand a low minimum contribution of $10. The Year of Enrollment portfolios are set to automatically grow more conservative as a beneficiary gets older.
• CollegeChoice Advisor:The Advisor Plan offers access to a wider variety ofinvestment options. As with any financial serviceinvolving professional assistance, the Advisor Plancomes with slightly higher fees.
• CollegeChoice CD:The CD Plan resembles a traditional bank productin that it offers principal protection. Its streamlinedlineup of FDIC-insured options includes one-, twoand three-y ear fixed rate certificates of deposit (CDs) and a savings account.
All three of these 529 Plans share the same core benefits mentioned above - and all three represent a meaningful investment in a child's future.
The cost of higher education isn' t going to suddenly plummet overnight, but when used properly, 529 Plans can help parents prepare for the significant challenge of financing it.
You can save for college! Focus on their future with CollegeChoice 529 For more information about the CollegeChoice 529 Direct Savings Plan, call 1.866.485.9415 or visit www.collegechoicedirect.com to obtain a Disclosure Booklet, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.
For more information about the CollegeChoice Advisor 529 Savings Plan, contact your financial advisor, call 1.866.485.9413 or visit www.collegechoiceadvisor529.com to obtain a Disclosure Statement, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.
For more information about the CollegeChoice CD 529 Savings Plan, call 1.888.913.2885 or visit www.collegechoicecd.com to obtain a Disclosure Statement. The Federal Deposit Insurance Corporation (FDIC) generally insures, with respect to each FDIC-insured institution, deposit accounts that are held in the same right and capacity up to the maximum amount set by federal law, currently $250,000.
Please Note: before you invest, consider whether your or the beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state's qualified tuition program. You should also consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You may also wish to contact directly your home state's 529 college savings plan(s), or any other 529 plan, to learn more about those plans' features, benefits, and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.
www.collegechoicedirect.com
We are fast approaching the deadline for filing state and federal taxes.
April 17 will be here before we know it. We reached out to a local CPA to provide some last minute tax filing tips. We hope this helps you
avoid paying too much and maybe even boosts your refund. If you are anticipating a refund, careful you don't treat it like a bonus check from the government. That money was yours all along. If you don't already have this check designated for expenses, consider these smart money planning ideas to make the most of your refund.
Last Minute
Tax Tips Guest article by Ryan Thomas, CPA
Benjamin Franklin was quoted as saying "in this world nothing can said to be certain , except death and taxes." Although we may not know when death is going to occur, we do know that this year's tax filing deadline is Tuesday, April 17. Below are some last-minute tips for filing your tax returns:
* Gather all of your taxrelated information before you prepare your returns.
* Consider filing electronically to avoid the post office, improve accuracy, and expedite any refunds that are owed to you. If your income is below $66,000, there are software options that will allow you to electronically file your federal and state taxes for free.
These last minute tax tips are presented for
informational purposes only and should not be construed as an endorsement of the information or adviser by the Office of the Indiana Secretary of State.
CAN YOU SPOT THE WOLF?
$CAMMED: Investment Fraud Revealed is a 30-minutedocumentary featuring the stories of real investment fraud inIndiana. In watching $CAMMED, you will experience these casesthrough the eyes of the victims who lost their hard-earnedsavings, and hear from the Indiana Secretary of State securitiesinvestigators who worked tirelessly to bring the fraudsters tojustice. $CAMMED is designed to be educational. You canwatch the documentary on our website. Additionally, we arepleased to offer speakers from our office free of charge if youare interested in hosting a viewing party in your community.
http://bit.ly/ScammedDocumentary
